India Ready to Invest $20bn in Farzad B Gas Field

Indian Oil Minister Dharmendra Pradhan said his country is ready to make an investment of $20 billion in the development of Iran’s Farzad B gas field in the Persian Gulf.

Iran and India can swiftly improve their bilateral relations in the oil and gas sectors in the new (post-sanctions) era, Pradhan said at Iran-India Joint Economic Forum held on Saturday in New Delhi.

Iranian Foreign Minister Mohammad Javad Zarif was also present at the event.

Heading a mainly trade delegation, the Iranian minister has travelled to India for the 6th Heart of Asia ministerial conference, slated for December 3-4 in Amritsar, Punjab state, and for talks with Indian officials on bilateral, regional and international issues following the removal of anti-Tehran sanctions.

The sanctions were removed after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a lasting nuclear deal and started implementing it on January 16, 2016.

The Indian oil minister added that New Delhi is keen to invest $20 billion in Chabahar port in southeastern Iran and in development of the giant Farzad B offshore gas field.

Indian companies have been in talks with Tehran since 2009 for developing the Farzad B gas field, estimated to hold 21.68 trillion cubic feet (tcf) of gas in place, of which 12.8 tcf is recoverable.